If you are newly divorced, you’re probably adjusting to a lot of changes – new living arrangements, custody agreements, loss of friends and in-laws, a change in your tax withholdings, and maybe even a change of your last name. Perhaps one of the most difficult changes is the sudden loss of your partner’s income, but you can take steps to minimize the resulting financial strain.
Budgeting Is Imperative
For the majority of couples, both individuals contribute to the financial health of the marriage. After your divorce is finalized, your first priority is to sit down and figure out a budget for your new household. Every budget begins with an itemized list of your living expenses. Fixed expenses are those that remain constant from month to month, such as a car payment, rent and student loan payments. Optional expenses include dining out and other entertainment costs, and personal care such as massages and manicures. By carefully budgeting your money, you can see at a glance where you can save, thus helping to stretch your paycheck.
Penny Pinching: It’s Not Just for Tightwads Anymore
Thrift is a habit to be practiced and perfected so you have more choices as to how, when and what you purchase. You will also find yourself in excellent company: billionaire businessman Warren Buffet is known for his eccentric and creative ways of saving money. For example, when staying in a hotel, Buffet asked a friend who was coming to visit him to pick up a six-pack of soda on the way, so he could avoid room service charges. He also converted a dresser drawer into a bassinet for his first-born child and drove a Volkswagen until his wife made him upgrade to a Cadillac.
Under some circumstances, trading down to a less expensive apartment or car can reduce some of your fixed expenses. Another alternative is to use coupons to save money. With just a few clicks of the mouse, you can save a significant amount of money, and lessen your financial worries.
Top 10 Second Jobs You Might Not Have Considered
When all else fails, a great way to replace a lost second income is to bring in a second income yourself, namely in the form of a second job. There are a number of jobs that can help you supplement your primary income, and some offer the added benefit of helping you meet new people to help replace those lost during your divorce. Here are 10 jobs that can help supplement your income:
- Medical Transcriptionist
- Groundskeeper or Landscaper
- Customer Service Operator
- Virtual Assistant or Receptionist
- Restaurant Hostess
- Mystery Shopper
- Receptionist at a Gym
- In-Home Childcare Provider
Life after divorce isn’t always easy, but it doesn’t have to be a tense time filled with worries about money. By tackling financial concerns head-on and finding the best solution for you and your family, you will be able to relax and enjoy your newfound freedom.
Author Bio: Felicia Baratz is a freelance writer and graphic designer living in Indianapolis, IN. As a contributor to eatbreatheblog.com, she touches on green innovations and practices like green moving and transportation.